IndusInd Bank on Friday announced a strategic partnership with Asian Development Bank (ADB) to support and promote supply chain finance solutions in India.
The Bank has entered into a partial guarantee programme with ADB with an initial outlay of $70 million (Rs 560 crore), exclusively towards promoting supply chain finance solutions in India, IndusInd Bank said in a statement.
IndusInd Bank aims to grow its presence in MSME financing and this partnership will further strengthen various initiatives of the Bank in this domain.
With supply chain finance (SCF) being a focus area, the Bank has initiated a host of strategic efforts including the launch of new product structures for SCF.
In addition to this, the Bank recently launched a state-of-the-art digital portal for SCF – ‘earlyCredit’ enabling 24*7 seamless processing of SCF transactions for corporates, suppliers and dealers.
Commenting on the partnership Amitabh Saraff, Head – Financial Services, SME Business & SCF, IndusInd Bank, said, “At IndusInd Bank, we look forward to funding the entire ecosystem of a corporate entity by offering holistic SCF solutions, meeting end-to-end requirements of both corporate and their dealers/suppliers thereby being a true partner in their growth trajectory.”
“Partnership with a global organisation like ADB strengthens our SCF platform, a leading provider in the country. This association will further open up opportunities for the Bank to innovate and empower our clients with the best financing solutions,” Saraff said.
